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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Well So Much For The Stock Market Doom Sayers
Today the S&P breached the 1000 level intra day...this was a key resistance level.
Also NADSQ pushed above 2000 intra day....another key resistance level.
Now we have to see if it can close above those levels.
At some point the market will have to retrace itself to test support levels..my guess 920 t0 945. If you get asuccessfull bounce from there next stop 1100 on the S&P.
The market spent quiet a bit of time at that level building a foundation if you will.
It was key that today or in the next couple of days that the SM breech the 1000 on the S&P and 2000 on the Nasdq. if it didn't do that the rally would have failed and we would have had to retest the 870 once again. NOw the market is setting itself up to go much higher. I have not looked at the charts to tell where the next resisiatnce level will be.
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"Some Observer"
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